AlBaha Investment & Development Co.’s accumulated losses stood at SAR 40.3 million as on July 25, 2018, representing 22.76 percent of SAR 177 million capital, the company said in a bourse filing.

 

AlBaha attributed these losses to incurring SAR 16.8 million in non-recurring Zakat expenses for 2000-2010.

 

AlBaha will be subject to Capital Market Authority (CMA) regulations regarding companies with accumulated losses exceeding 20 percent of capital.

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